https://www.taxtmi.com/caselaws?id=381090 The Adjudicating Authority exceeded its jurisdiction by converting the Corporate Insolvency Resolution Process (CIRP) to Fast Track Corporate Insolvency Resolution Process (FIRP) and extending the CIRP beyond the prescribed 270 days. The Committee of Creditors (CoC) also lacked jurisdiction to replace the Resolution Professional (RP) after 270 days. Additionally, the Adjudicating Authority did not have the power to decide the resolution cost, including the RP's fee. The impugned order was set aside, directing the Adjudicating Authority to pass an appropriate order under Section 31 or Section 33. An interim sum was paid to the Appellant, to be adjusted based on the determined Resolution Cost. en-us Thu, 03 Jan 2019 00:00:00 +0530 Tue, 04 Jun 2019 14:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381090 The Adjudicating Authority exceeded its jurisdiction by converting the Corporate Insolvency Resolution Process (CIRP) to Fast Track Corporate Insolvency Resolution Process (FIRP) and extending the CIRP beyond the prescribed 270 days. The Committee of Creditors (CoC) also lacked jurisdiction to replace the Resolution Professional (RP) after 270 days. Additionally, the Adjudicating Authority did not have the power to decide the resolution cost, including the RP's fee. The impugned order was set aside, directing the Adjudicating Authority to pass an appropriate order under Section 31 or Section 33. An interim sum was paid to the Appellant, to be adjusted based on the determined Resolution Cost. Case-Laws Insolvency and Bankruptcy Thu, 03 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381090